Brian Rogers, the chairman and chief investment officer of T. Rowe Price Group, will retire in March after nearly 35 years with the firm.
Rogers, 61, will continue to serve on the board of directors as a non-executive chair.
"Brian has brought an uncommon measure of common sense to our investment process and has made remarkable contributions as an investor, senior executive, and board member," William J. Stromberg, president and CEO of the Baltimore-based money management firm, said in a statement. "His impact on our organization will be long-lasting, and I am grateful that we will continue to benefit from his wisdom."
T. Rowe named six senior investment leaders to succeed Rogers as chief investment officers. The firm said the move is in line with its practice of trusting individual managers to shape investment strategy, rather than establishing a "house view" of portfolio management for all to follow.
The six new chief investment officers will assume their new roles March 31, when Rogers steps down:
"The appointments of our new CIOs reflect the deep investment talent the firm has across geographies, asset classes, and investment disciplines. Individually, each is an outstanding investor, thought leader, mentor, and representative of our core values," Stromberg said.
Rogers joined T. Rowe in 1982 as a portfolio manager and has served as chief investment officer since 2004. He was named to the board in 1997 and has served as its chair since 2007.
T. Rowe shares closed Tuesday at $63.82 each, down 19 cents.